Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipper, reported an 11 percent drop in its net profit for the year 2017.
Qatar Gas Transport Company Limited (Nakilat) reported a net profit of 846.2 million Qatari Riyals ($232.5 million) compared to net profit amounting to 954.2 million Qatari Riyals for the same period of the previous year.
The company noted that during the year it has deployed its plans to maintain its position in global LNG transport as well as the country’s LNG supply chain.
“Despite the challenges facing the energy and maritime industry, the company managed to achieve positive results across its operations that exceeded planned expectations in 2017,” the statement reads.
Additionally, the net profit achieved in the fourth quarter of 2017 was higher than that achieved in the third quarter of 2017 and fourth quarter of 2016, by 21 percent and 16 percent respectively.
The company’s revenue for the period reached 3.6 billion riyals ($994 million), 4 percent below the 3.75 billion riyals in 2016.
Nakilat said it is continuing to explore different business opportunities and mitigating business risks to strengthen the company’s international position in the LNG shipping industry.